Is it safe to keep my crypto on an exchange like Coinbase or Binance?

[uptrendfinancialsignal]

I opened the Google Play Store to download one wallet app, I saw like five with the same name. One even have better reviews than the real one. I almost installed the wrong one before i double check it. This is a very serious thing and it's very difficult to trust anything online because one wrong tap, your whole money could just vanish.

 

[Ravenfreak]

Yeah I would be very cautious with which app you decide to download. That's the only downfall to Android over iPhone IMO, some shady apps can easily be added to the Play Store. I thankfully downloaded the Coinbase app when I still had an iPhone and when I switched back to Android, the proper app was added to my phone.

 

[Maya]

It is comparatively safe but not completely safe. Sometimes exchanges can go bankrupt and you might lose your assets just like it happened with FTX

 

[Sociallover]

I might not say that it is entirely safe. I have had very bad experiences with online cryptocurrency web wallets. They may close down at any time. If CoinBase is actually regulated by a stronger regulatory authority, then things may become different.

 

[uptrendfinancialsignal]

Yeah I would be very cautious with which app you decide to download. That's the only downfall to Android over iPhone IMO, some shady apps can easily be added to the Play Store. I thankfully downloaded the Coinbase app when I still had an iPhone and when I switched back to Android, the proper app was added to my phone.

Blaming Android alone is not fair my brother. Scam are everywhere now. I almost downloaded fake Binance app last year, the logo and the name was the exact copy. That day I just thank God that I checked the reviews well.

 

[Nomad]

I have seen clones of popular wallets and exchanges, they use almost similar names and similar logos, so a lot of people might get confused, however, before you download, you also need to check publisher name and the reviews.

 

[Heatman]

It's a lot more safe to keep your cryptocurrency in a hard wallets if you can afford one. It gives you 100% control over your assets and portfolio. But it's still good for keep on trusted exchange like Coinbase, Bybit and Binance.

 

[Henry]

It is comparatively safe but not completely safe. Sometimes exchanges can go bankrupt, and you might lose your assets just like it happened with FTX

This is always my biggest fear in all of that. I wouldn't want to have my funds on an exchange that would end up going bankrupt in the future. I dread that the most and would always be careful with which one where I leave huge funds for the long term.